Fact: Cost of Living is Going Up…
This month the Reserve Bank announced a massive rate rise of 50 basis points. Along with this rising inflation, fuel, grocery, and power prices have all increased putting a great deal of pressure on household spending. Not to mention we are still surviving a pandemic and with that, battling supply chain issues & staff shortages!
So, if you’re feeling overwhelmed, we get it. And, though it seems almost impossible to get ahead right now, there are small ways of getting on the front foot and helping to combat the cost of living.
How do we deal?
The good news is there are many simple, effective ways to cut back and spend less by just being conscious and understanding that in times like these, literally every dollar counts. By tweaking your lifestyle, you may save yourself tens, hundreds or even thousands of dollars in the process.
To help you get started, the team at TMFG have shared their favourite tips for reducing spending in the key areas of fuel, groceries, and utilities in the hope we can ease the current cost of living burden a little.
1. Fuel
Belinda says:
Download the Apps and know what’s around…
RACV fuel watch and 7/11 Fuel app will help you locate the cheapest offers. Your credit card may have offers too, sometimes offering $5 off a $50 Ampol purchase. This topped off with a discounted gift card means more money in your pocket!
Kylie says:
Get clever with big guys!
Jump online and purchase gift cards at a discount–generally through an affiliated provider like RACV, insurance and utilitiy providers, QANTAS or your bank. I go to Caltex attached to Woolworths who generally have between 3-5% off the wish gift cards which will give you huge savings when you add it up.
E.g., If fuel is: $2/L you’ll be saving 10c per litre, which may not sound like a lot, but for a 145L tank, you’ll save $14.50. Scan your rewards card and spend $5 in store (purchase any essential item) and you can end up savings of 18c per litre discount. Giving you a total saving of $26.10 per tank.
Kate says:
Limit driving where you can…
Carpool, walk, run or ride to work, school and the gym. You may only end up filling your tank once a fortnight instead of once a week and that can save you hundred dollars
2. Groceries
Belinda says:
Stay local–even as local as your own home!
- If you shop every 8th day instead of weekly, you get a “free shop” every seven weeks!
- Plan and prepare each week and shop at markets or local greengrocer instead of supermarkets––where fresh food is much cheaper.
- Grow your own veg, lettuce, and herbs–you will save heaps
- Shop your pantry first! Know what you have and use it.
- Similarly, to Kylie’s fuel tip, Belinda suggests you purchase prepaid gift cards for supermarkets, saving you up to 5% on your entire grocery bill!
Kylie says:
Stay on track and get creative!
- Shop online to avoid the temptation to of adding extras to the list.
- If buying from the bigger supermarkets take advantage of the rewards, offers and cash back (download the app and use the boosters etc)
- Buy essentials in bulk–meat, rice, flour etc.–and split up servings and store away or with friends and family, or neighbours
- Go to NQR! (Not sponsored!)
- Do fake-aways with the family instead of ordering take away– things like pizza and curries are so easy and cheap to make at home.
Wendy says:
Do what you can with what you’ve got…
- Shop the half price specials to buy non-perishable items and store away
- Bake the kids snacks like slices and muffins instead of purchasing packaged foods
- Reduce food waste and use everything; brown banana for banana bread, left over carrots for carrot cakes, soup veg can also make pasties.
- Bulk up meat dishes with “hidden veg”, beans, lentils & tinned tomatoes
- Take leftovers for lunch
Kate says:
Escape marketing trickery…
- The most expensive items in a supermarket are at eye level–look up higher or down lower on the shelves for bargains
- Avoid taking the kids into the supermarket–they are powerless to the marketing and you’ll surely cave from their nagging!
Everybody says:
MEAL PLAN IS A MUST!!! And stick to the list.
Download the Apps:
· 1/2 price app
· Frugal
3. Utilities
Belinda says:
Pay your bills monthly or fortnightly to reduce bill shock!
HOT TIP:
The Victorian Government has introduced a $50 incentive for consumers to search for better energy deals on compare.switchon.vic.gov.au. All eligible consumers who complete an energy comparison and verify their details will receive a cheque in the mail from the Victorian government for $50. Commences 1 July 2022
Download the apps:...
Use One Big Switch to weigh up comparisons for utility companies
Check www.energy.gov.au and claim every rebate and concession available to you via state and federal governments
4. Home Loans
Kylie says:
Get ahead of it!
Pay your mortgage weekly or fortnightly, not monthly and review your rate every 12 months
Kate says:
Consolidate debt!
If you have Zip Pay, credit cards and personal loans now is the time to consolidate and eliminate this debt
Wendy says:
Stop paying loyalty taxes because you’re too lazy to change!
Belinda says:
Re-evaluate and refinance!
Basic home loans offer some of the lowest rates in the market. If you’re paying an annual fee each year but not using the additional benefits like offset, then it’s time to review your home loan. An annual fee of $395 over 5 years quickly adds up to $1,975! Refinancing your home loan can help you save thousands of dollars!
5. General
Belinda says:
Audit your “stuff”!
Try a ‘Buy Nothing New Month’
Sell what you don’t use or don’t wear
Use your local library instead of buying books
Review subscriptions–do you really need Netflix, Stan, Binge, Audible, Kayo, Disney & Spotify? Try eliminating just one, trust me, they add up!
Wendy says:
Haggle with your providers!
Telstra/Optus/Austar/Foxtel example ask to cancel they'll give you more / better packages for same / less money (don’t pay a loyalty tax)
Review your Mobile Phone Plan – Don’t Pay a Loyalty Tax here! Always review what’s on offer
Kylie says:
When treating the kids, normalise saving!…
Kids love a trip to the shops, so I ask them to load up a box of toys, games puzzle they don't want anymore, and we take a family trip to the op shop to drop the toys off. They have a blast looking at toys, dress ups and sporting equipment and then purchasing something exciting (which will likely be back at the op shop the next week!) It’s a fun activity for a fraction of the cost of a trip to k-mart or an entertainment park.
Normalise thoughtful homemade gifts. Save big costs around birthdays by making birthday cards and wrapping paper with the kids. Homemade gifts are so much nicer (and cheaper!) For kids, homemade playdough, a bake at home kit etc. and adults, make their favourite cookies, body scrub air freshener
For kid’s birthday parties, use the "fiver" party philosophy. Everyone pops $5 in an envelope a gift is presented at the party to the birthday boy/girl and it’s from all the friends easing the burden in attending so many kid’s parties!
Kate says:
Make holidays thrifty…
If you’re travelling long distances with young kids, wrap up op shop toys or inexpensive gifts and give them a ‘present’ when they get bored, or restless (usually when money gets spent!) or to reward good behaviour. You’ll save hundreds of dollars every holiday!
